History Demonstrates That Participants In Financial Markets

The Recent Period Has Been Marked By A Transformation To An Economy That Is More Productive As Competitive Forces Become Increasingly Intense And New Technologies Raise The Efficiency Of Our Businesses...while These Tendencies Were No Doubt In Train In The "old," Pre-1990s Economy, They Accelerated Over The Past Decade As A Number Of Technologies With Their Roots In The Cumulative Innovations Of The Past Half-century Began To Yield Dramatic Economic Returns.

Regulation Of Derivatives Transactions That Are Privately Negotiated By Professionals Is Unnecessary.

No Matter How Skillful The Trading Scheme, Over The Long Haul, Abnormal Returns Are Sustained Only Through Abnormal Exposure To Risk.

I Believe That The General Growth In Large [financial] Institutions Have Occurred In The Context Of An Underlying Structure Of Markets In Which Many Of The Larger Risks Are Dramatically -- I Should Say, Fully -- Hedged.

It Has Been My Experience That Competency In Mathematics, Both In Numerical Manipulations And In Understanding Its Conceptual Foundations, Enhances A Person's Ability To Handle The More Ambiguous And Qualitative Relationships That Dominate Our Day-to-day Financial Decision-making